Eight financial experts share their top tips on Pension Awareness Day 2025

TODAY, 15 September, is Pension Awareness Day, a national campaign created by Pension Geeks to help people better understand their pensions. To mark the event, financial experts have shared their top pension tips, from tracing down old pots and writing letters to yourself from a 65-year-old you, to making sure you're contributing to a workplace pension scheme and potentially consolidating your pensions into one pot.

Scott Gallacher, Director at Leicester-based Rowley Turton, says whatever you do, do not delay: "Join your workplace pension, or start your own — but do it today. Tomorrow is already a day behind, and even small steps now can make a big difference later. Balance enjoying today with keeping an eye on your future by paying into a pension.

“It's not all or nothing, but you don't want to hit old age with only the state pension to support you. Many people forget about old pensions from previous jobs, but even small pensions can add up, so be sure not to lose these as they can make a big difference. And don’t forget to update your expression-of-wish forms to ensure your loved ones benefit should the worst happen.”

Philly Ponniah, Chartered Wealth Manager and Financial Coach at Philly Financial, said write a letter to yourself from you aged 65: "The biggest pension mistake I see is people treating their future self like a stranger they’ll never meet. The magic happens when people connect their money decisions to how they actually want to live. Your pension isn’t just a pot of cash: it’s freedom, it gives you choice and it lets you live the lifestyle you actually want.

"Start by writing a letter from yourself at age 65. What does that person wish you’d done today? This simple behavioural exercise transforms pensions from boring numbers into your actual future life. Other quick wins are to increase contributions by just a few % annually: you won’t really feel it, but compounding will grow it over decades.

“If you’re employed, check if your workplace matches contributions and take advantage of that free money. Remember, you also get money from the government for your contributions. Business owners should consider maximising pension contributions before year-end to reduce corporation tax while building towards their future.”

Laura Purkess, Personal Finance Expert at Investing Insiders, gave multiple tips: "If you are employed, make sure you’re contributing to your workplace pension scheme. You will also benefit from contributions from your employer and get a 25% boost from the government via pension tax relief. It’s basically free extra cash.

"If you’re self-employed, open a personal pension and start contributing regularly. You can opt for a regular personal pension, where your investments are managed for you, or a Self Invested Personal Pension, where you pick your own investments from a wider range of options. You won’t get employer contributions in a personal pension, but will still benefit from pension tax relief.

"Also, track down your old pensions from past jobs to ensure you aren’t missing out on any cash. You’ll need your old schemes' names - ask your old job’s HR department if you don’t know.

“Lastly, consider consolidating your pensions into one pot to keep track of your savings and ensure you’re paying the lowest possible fee - but check you won’t lose any valuable benefits first.”

Benjamin Beck, Money Coach at Beck Money Coach, urged people not to dismiss small pension pots from previous jobs: “Spend time tracking down your pension and keep your details up to date. I have encountered people dismissing a £10,000 pension pot. It's your money! You wouldn't dismiss a bank account worth £10,000. This is your future money, your future paycheck, so look after it so that it can look after you.”

Ross Lacey, Director at Rayleigh-based Fairview Financial Management, agreed that tracking down old pensions is a good place to start: “Trace old pensions by using various online tools to find which pension companies were associated with your previous employers. Then contact them to ask if they have any record of you still having a pension with them.”

He added: "Ensure you've nominated beneficiaries for your pensions. This should be reviewed regularly and is often something simple to do through online logins. 

"And watch for the "double tax trap" - although there are some default limits to how much can be contributed into a pension, everybody is different and their own tax position and level of earnings will dictate what the maximum is for them. 

“Exceeding this level can lead to an immediate tax charge today, as well as tax in the future when taking money out of a pension. This often impacts higher-earners more commonly.”

Rob Mansfield, Independent Financial Advisor at Tonbridge-based Rootes Wealth Management, kept it simple: “Don't ignore them. When you get a statement, look at it, don't just file it away in the deal-with-it-tomorrow pile. Are you happy with how it's performing? How is the fund performing compared to its benchmark? Are your death benefit nominations up to date?”

He continued: "You're in charge of your pension but it's easy to assume that someone else is managing it and leave it until it's too late. Take control and if you don't understand it, ask for help."

Anita Wright, Chartered Financial Planner at Ribble Wealth Management, said: "Boost your pension by nudging contributions up by just 1%–2% whenever you get a pay rise, use the Pension Tracing Service to recover old workplace pots, and check if your employer offers matching contributions beyond the minimum so you’re not leaving free money behind.

"Avoid common pitfalls like triggering the Money Purchase Annual Allowance, which slashes future tax-efficient contributions to £10k, or failing to update beneficiary nominations, which could see funds diverted away from intended loved ones.

“Also, remember that holding too much in cash leaves your savings vulnerable to inflation erosion. For stronger long-term planning, build a cashflow model to map spending needs, use the 4% withdrawal rule as a guide while adjusting for inflation and market conditions, and diversify across asset classes to reduce volatility and protect your retirement income.”

David Stirling, Independent Financial Adviser at Belfast-based Mint Wealth Ltd, added: "Cashflow modelling isn’t just for high-net-worth clients and even a basic look at your income, outgoings and savings can reveal shortfalls and opportunities early on. Working with an adviser can help you bridge any gaps when planning for your future.

“With upcoming changes to IHT treatment of pensions in April 2027, it's also a good time to make sure your beneficiaries are in place and to check if you need further IHT planning.”